Alfa Medical plans IPO on Egypt bourse in 2023

Alfa Medical (AMG) is planning an initial public offering (IPO) on the Egyptian stock exchange (EGX) in 2023, its chairman Adel Talaat told local press on Thursday.

The healthcare group is also planning to invest 5 billion Egyptian pounds ($318.8 million) over the next five years, Talaat said. The planned investments came one day after the UK government development finance arm CDC announced a $100 million investment in the company.

Talaat has not disclosed any further details on AMG’s IPO plans beyond the 2023 target date.

AMG Investment Plan

AMG aims to nearly double its stock of hospital beds to 300 from a current 170 by the end of 2021, and to add 130-150 beds and 25 laboratories each year, the official added.

The group’s most ambitious project, Alfa Medical City, is expected to complete by the end of 2023.

It is unclear whether the 5 billion pounds include CDC’s investment, which apparently will also help to finance the Alfa Medical City project and expand the company’s number of laboratories, in addition to launching a training academy for AMG employees and other healthcare professionals.

According to Talaat, CDC has a stake in the company shy of 20 percent.